1995 (1) TMI 21

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.... D. N. BARUAH J.--The following question has been referred under section 256(1) of the Income-tax Act at the instance of the Department : " Whether, on the facts and in the circumstances of the case, the Tribunal was justified in upholding the order of the Commissioner of Income-tax (Appeals) in directing the Assessing Officer to allow carry forward of loss to the assessee although the assess....

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....idering various decisions including the decision of the Supreme Court in the case of Brij Mohan v. CIT [1979] 120 ITR 1, where it was held that a return filed within the extended period was a good return in the sense that the Income-tax Officer was bound to take it into consideration, affirmed the order passed by the Commissioner of Income-tax (Appeals). Hence, the present reference. We have he....

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....der sub-section (1) or sub-section (2) may, before the assessment is made, furnish the return for any previous year at any time before the end of the period specified in clause (b), and the provisions of sub-section (8) shall apply in every such case. The period referred to in clause (b)(iii) shall be, where the return relates to a previous year relevant to any other assessment year, two years fro....